The February live cattle contract established a secondary (intermediate-term) downtrend with its bearish key reversal the week of October 13. The contract then consolidated for a period of four weeks, before last week's meltdown led to a test of initial technical price support near $131.10, the 38.2% retracement level of the previous uptrend from $124.025 through the high of $135.45 (week of October 13).

This week has seen the contract stabilize, holding above last week's low of $131.25, yet unable to establish a strong rally. As the contract's weekly chart shows, the ...

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